The White Pine news. [volume] (Treasure City, Nev.) 1868-1906, 1887-10-15
Progress Toward Universal Bi-Metai-
kHaH.
fScienililc Americana

from Europe, the influx Tor several
months past having been large and
steady. Much of this gold appears to
be coming here outside the regular
course of trade. being designed for
speculative purposes or for permanent
investment ia this country. But
through whatever channel or for what
ever purpose II comes here, the fact of
its coming is undenlaDle. What be.
comes now of the predictions of those
who SO bitterly denounced the Bland
silver bill, aud even opposed the Act
finally passed by Congress empower
ing the Government 10 purchase silver
ut the rate at $2,000.000 per month
for coina.el In opposing this bill its
enemies stoutly maintained that il en-
acted into law 1t would derange our
finances, cripple trade and cause great
injury to business generally by driving
gold out of the country. 1t was in
sisted that The conversion of even this
small amount of silver into coin weuld
have damaging effect on cur indus
trial and commercial interests and
might even cause serious embarrass-
ment to the Government. And yet
everything has been working the other
way from the time this cutlery was
made to the present. The very reverse
of what they predicted has taken place,
proving these gold bugs to be as much
at fault in their vaccinations rs in their
tinanciering.
We are told that this inflow of gold
is something phenomenal and which
could not have been fcreseen, being
due to an extensive and unexpected
payment OF municipal and Government
bonds, and that parties abroad having
realized ON these securities are sending
now the proceeds here for investment.
Granted, why don't these parties
send US silver if they have such sur.
plus of that metal as we have heard
tell about. Why all this gold from
these mono-metallic countries, where
gold is considered the only fit metal
for coinage, silver being regarded as
too base for monetary uses3
The fact is, there is no overplus of
silver in those countries. The pretend.
ed gIut is all myth. There exists q
scarcity of silver in London to-day.
There is actually dearth of the white
metal in that city--so much SO that it
has become a matter of general COM
plant. Ii the price of silver has mean
time been kept lew, that has been due
to large interests concerned To effect
such depression. There, as in this
country, the bankers, the brokers and
the creditor classes generally have
combined to discredit silver and de.
prive it of its legal tender property,
certain commercial classes in England
working to the same end. The latter
buy our silver at 9S cents per ounce,
send il tn India, and, having coined.
pass It current at $1.30 per ounce, it
being in that country the sole legal
tender. At this advanced value, the
wheat and cotton of India are pur-
chased with this silver and shipped to
European markets, there to compete
with these staples from the United
States. the American producers of
these several commodities being by
this process subjected to q double
shave.
AS the annual coinage of these $24,-
600 900 has failed to inundate US with
silver. so has it failed to create q re-
dundancy of silver at home. We have
been as far from suffering plethora
of silver as the city of Londen. Here,
as there, silver coin has been rather
scarce than otherwise. In small
amounts our people prefer it to gold.
1t here circulates freely, there being
no more of it than is required to make
change, and sometimes hardly enough.
There would be neither in this cOun-
try nor anywhere else in the world
surplus of silver were it allowed to
perform the money function that prop
erly pertains To il.
This war upon silver is, compare
lively speaking, a modern movement.
Not until recently has any restriction
been placed on its coinage. From the
earliest times and among all nations
of the earth it has been regarded with
the same favor rs gold, peoples of
primitive times having given the cheap.
er metal the preference. There being
then SO little chance for ostracising
silver. it remains only for congress